Steel Partners (SPLP) investor relations material

Executive summary

• Revenue for Q3 2025 increased 4.4% year-over-year, driven by strong growth in Financial Services and modest gains in Diversified Industrial, partially offset by declines in Supply Chain and Energy segments.

• Net income for Q3 2025 was $71.2 million, up from $36.9 million in Q3 2024; nine-month net income was $177.1 million, down from $196.6 million in the prior year period.

• The company maintained compliance with all debt covenants and reported robust liquidity, with working capital of $716.4 million and $532.8 million available under its credit facility as of September 30, 2025.

Financial highlights

• Q3 2025 revenue: $543.5 million (up 4.4% year-over-year); nine-month revenue: $1.59 billion (up 4.2%).

• Q3 2025 net income: $71.2 million (up 93% year-over-year); nine-month net income: $177.1 million (down 10%).

• Q3 2025 EPS (basic): $3.75; nine-month EPS (basic): $9.32.

• Q3 2025 operating cash flow: $150.2 million; nine-month investing cash outflow: $139.7 million; nine-month financing cash inflow: $43.7 million.

• Realized and unrealized gains on securities contributed $26.2 million in Q3 2025.

Outlook and guidance

• Management expects to remain in compliance with all credit covenants and maintain sufficient liquidity for at least the next twelve months.

• The company continues to focus on operational improvements, capital allocation, and potential acquisitions to drive long-term value.